Overview
Forex Brokers facilitate the execution of trades on the broker’s platform with trading conditions accepted by traders along with the acceptance of any and all fees, and choosing the right broker is often the difference between success and failure.
Brokers play a crucial part in the development of a Nigeria trader’s career as a Forex trader as they are entrusted with investments that are kept in the trading account that the Nigerian trader opens with a particular broker.
After evaluating the different offers and trading conditions from brokers to find the few that efficiently cater for the Nigerian trader’s needs based on their objectives, limitations, and other factors, Nigerian traders will need to view and compare such offerings.
There are numerous Forex Brokers that cater for Nigerian traders and who have comprehensive offerings along with favourable trading conditions.
1. FXTM
FXTM is an exceptionally reliable, reputable, and well-regulated broker authorized and regulated by CySEC, FCA, FSCA, and FSC. This broker was awarded as the best broker in Africa in 2018 by the International Business Magazine.
Nigerian traders have a choice between six different accounts of which three are ECN accounts and the other three are standard account types. FXTM also offers a demo account and the option of an Islamic or Swap-Free Account.
When opening an account, there is a minimum deposit of ₦3,847.90 for the entry level account. Depending on the account, traders can expect spreads from 0 pips on ECN accounts and 1.3 pips on standard accounts.
There are numerous payment methods which can be used for deposits and withdrawals and when trading, traders have access to leverage of 1:300.
2. OctaFX
This broker is well-regulated by the FCA and CySEC and this broker is particularly known for its superior Swap-Free services.
There are three different accounts to choose from and each has its own trading platform that can be used in conjunction with the specific account.
The minimum deposit to be paid when opening an account is ₦38,479.00 and Nigerian traders can expect leverage up to 1:500 with spreads that start from 0 pips and a variety of options pertaining to deposit and withdrawal payment methods.
3. FBS
This broker offers its services globally to numerous countries and it is well-regulated by CySEC and IFSC. FBS is one of very few brokers that offers a fixed zero spread account, which really distinguishes this broker from its peers.
When opening an account, Nigerian traders can choose between four different account types, each with varying deposit requirements, with the lowest required deposit staring from ₦384.79.
Depending on the account type, Nigerian traders can expect leverage of up to 1:3000, spreads that start from 0 pips and a variety of tradeable financial instruments along with a variety of supported payment methods for deposits and withdrawals.
Well regulated by IFSC, CySEC, and ASIC, XM is a reputable and highly compliant broker that offers Forex Traders with fixed spreads instead of variable, floating spreads.
There are four account types that Nigerian traders can choose from with minimum deposits starting form ₦1,923.95 with spreads from 0 pips and leverage of up to 1:880.
XM features the most common and secure payment methods through which deposits and withdrawals can be made.
AvATrade caters for brokers worldwide in numerous countries, including Nigeria and as a reputable broker which is regulated by CBI, ASIC, FFAJ, and FSCA, this broker offers retail, options and spread betting accounts.
AvATrade only offers one standard live trading account and Nigerians will be required to pay a minimum deposit of ₦38,479.00 providing them access to Forex and other tradable instruments, leverage of 1:400 and spreads from 1.3 pips.
There are numerous ways in which deposits and withdrawals can be made and although NGN deposits cannot be made, Nigerian traders can deposit in either USD, EUR, or GBP.
Pepperstone is well regulated by FCA and ASIC, and this broker has been recognized for its superior ECN execution in Forex trading.
There are two account options that Nigerian traders can choose from with a minimum deposit of ₦76,958.00 providing Nigerian traders with access to spreads that start from as low as 0 pips and leverage up to 1:500.
Pepperstone offers fee-free deposits and withdrawals through various payment options, with only the most trusted methods supported.
XTB is a reputed and well-regulated broker with authorization and regulation by both the FCA and IFSC. XTB is most notorious for its superior trading academy and education provided to traders with varying levels of skills, knowledge, and experience.
When opening an account with this broker, Nigerians have a choice between a standard and a pro account with the added advantage that there is no minimum required deposit to be paid when opening either account.
XTB also caters for the option of having either account converted to that of an Islamic, or Swap-free, account for Muslim traders who follow the Sharia Law.
When trading through this broker, Nigerian traders have spreads that typically start from 0.2 pips, with access to leverage of 1:200, and a variety of payment methods that are supported when making either deposits or withdrawals.
All of these brokers are rated the best in the industry for Nigerian traders and the choice between them will depend on each Nigerian trader’s individual needs, objectives, and preferences.
It is imperative that Nigerian traders open demo accounts with these brokers so that their trading conditions can be explored more in-depth in a risk free, mimicked live trading environment.
The trading conditions that these brokers provide are comprehensive and pricing on both trading and non-trading activities are transparent. These brokers also offer the use of some of the best trading platforms such as cTrader, MetaTrader 4, MetaTrader 5, and more.
Nigerian traders should note that currency conversions from the US Dollar to Nigerian Naira were done at the current exchange rate on the day and at the time this article was written.
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